Pune-based consumer internet firm, Mazkara Internet has announced the acquisition of Mumbai-based mobile technology startup BazingaLabs for an undisclosed amount. The formal acquisition took place a short time ago in 2017 and the deal is part equity, part cash.
The move was in a bid to increase the company’s focus on mobile technology, especially for its flagship platform Fabogo, which recently secured a third round of funding of $ 2.25 million from Dubai based micro PE investors, Dunamis Ventures, is committed to spending 40% of the portion on technology. This is the first step towards reaching this goal.
Mazkara Internet was founded by Prasanjeet Roy and Mohammad Ali in 2015. Mazkara Internet has traversed the crucial sector of product development. It has holistically executed Fabogo– a multifaceted platform for you to tour through salons, cosmetic centers, fitness clinics and spas based on your location in Dubai, Pune, and Mumbai. Frequent offers, deals, and discounts can also be searched for on the website or the mobile app. Eventually, to expand its horizon to other realms of product development, BigReach- a digital marketing company’s development and EatRepeat– a restaurant app building service, personalized for your restaurant or cafe were conceptualized.
Prasanjeet Roy, CEO, and Co-founder of Mazkara Internet said, “We have a solid business model in place and our expertise lies in web technology. However, with launching transactions on our flagship product Fabogo, the need of the hour was focusing on mobile technology. With Kakshil and team onboard, we are confident of taking Mazkara Internet to the next level.”
On the other hand, BazingaLabs was founded by Kakshil Shah, who has core expertise in developing the cutting-edge mobile technology. They developed Skedule, a mobile application that had a similar business model as Fabogo. Previously, BazingaLabs has worked directly with Mazkara Internet, building products, and improvising technology.
“The acquisition came very naturally, as we were already working closely with Mazkara Internet for almost a year. Our technical skills and their business expertise harmonize perfectly with each other,” said Kakshil Shah, Founder of Bazinga Labs.